Gold Tops $1,800/oz To Highest Level Since September 2011; Up Nearly 20% in 2020


◆ Spot gold has risen to above $1,802/oz today for the first time since September 2011, taking year to date 2020 gains to 20%.

Gold has been eking out gains since mid-March as gold buyers diversify into the safe haven asset to hedge the risk that the looming global recession will have on risk assets, the dollar and fiat currencies.

A close above $1,800/oz on a daily basis is an important test for gold and should it do so, it will likely see strong gains and a test of the record nominal high of $1,920/oz in the “long hot summer” ahead.

In the short term, further profit-taking activity and price manipulation is possible but any weakness should be used to accumulate physical as gold’s fundamentals are as strong as ever and much higher prices are likely in the coming months.





NEWS and COMMENTARY

Gold tops $1,800 and hits highest level since 2011

Gold futures settle at nearly 9-year high

Gold steadies near 8-year high as virus cases surge

How soon coronavirus could deplete the government’s major trust funds

Trump administration moves to formally withdraw US from WHO

U.S. is ‘looking at’ banning TikTok and Chinese social media apps

ECB may ask banks to withhold dividends for longer

Gold Gains 19% To a New 8 – Year High: Why It Will Continue to Rise

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

07-Jul-20 1775.50 1789.55, 1423.77 1424.84 & 1576.11 1585.00
06-Jul-20 1774.40 1787.90, 1420.76 1429.43 & 1572.12 1578.36
03-Jul-20  1774.65 1772.90, 1426.29 1422.40 & 1580.33 1577.70
02-Jul-20  1771.85 1777.45, 1415.00 1421.60 & 1568.97 1577.13
01-Jul-20  1787.40 1771.15, 1444.90 1424.63 & 1592.93 1574.82
30-Jun-20 1770.70 1768.10, 1444.18 1436.58 & 1580.35 1577.32
29-Jun-20 1768.80 1771.60, 1434.67 1440.31 & 1571.23 1573.54
26-Jun-20 1762.10 1747.60, 1420.61 1414.51 & 1570.03 1559.91
25-Jun-20 1758.55 1756.55, 1412.64 1414.73 & 1565.29 1565.79
24-Jun-20  1775.70 1766.05, 1420.74 1416.90 & 1573.63 1567.55
23-Jun-20  1755.60 1768.90, 1409.85 1416.36 & 1556.17 1560.70
22-Jun-20  1745.45 1761.85, 1405.26 1418.11 & 1555.72 1567.17
19-Jun-20  1728.55 1734.75, 1392.17 1401.16 & 1541.18 1545.49
18-Jun-20  1732.65 1719.50, 1384.73 1383.51 & 1539.29 1532.93
17-Jun-20  1717.30 1724.35, 1368.69 1375.17 & 1527.88 1537.26

 


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Mark O'Byrne

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